Will Your Job Still Exist, And Other Questions For The Future Of Real Estate

Boston’s industrial market has been called the most diverse in the country, with e-commerce companies, biomanufacturers from the area’s vibrant life sciences industry and more all competing for precious warehouse space.  In a report released late last year, CBRE noted that competition for industrial…

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Three years after the passage of Local Law 97, the New York City law mandating emissions reductions in large commercial buildings, the impact of the pioneering legislation is beginning to be felt.

While building owners won’t face fines for noncompliance until 2024 — and in the case of the vast majority of buildings without significant emissions issues, 2030 — the fact that the law has serious financial penalties for not meeting reduction targets has created a push for owners to begin planning for emissions reductions, emissions monitoring, and even building retrofits and electrification. 

“LL97 is one of the few laws with actual teeth,” said Nikhil Daftary, executive vice president of product at Carbon Lighthouse, a building analytics firm focused on decarbonizing buildings. “What’s interesting is that it's forcing change in the market in interesting ways. You can’t just pay lip service, you need thoughtful implementation.”

That change will come through the work of an ecosystem of engineering, consulting and monitoring firms, as well as investment in new building hardware and technology. The Urban Green Council, a building sustainability nonprofit that advocated for the law, estimates the retrofit economy that will emerge from…

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The slow return of federal agency employees to offices has hampered the efforts of D.C. and other cities to reinvigorate their downtown business districts, but that return is now set to accelerate.

President Joe Biden during his State of the Union Address Tuesday announced that the "vast majority of federal workers" would soon return to the office, citing rising vaccinations and falling hospitalizations.

"It’s time for Americans to get back to work and fill our great downtowns again," Biden said. "People working from home can feel safe to begin to return to the office."

Biden's pronouncement comes as welcome news to landlords and local officials, who have called for the return of the federal workforce to help revitalize D.C. and other cities.

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